The Strategic Elements of Product Development

Chapter One Outline
I. The Strategic Elements of Product Development
2.The Importance of New Products
a. Product development costs over a hundred billion dollars on the technical development phase alone. (Crawford, & Di Benedetto, 2015)
b. The new products process is incredibly complex and difficult and when a product fails there is often public scrutiny.
3.Globalization and New Product Development
a.”To a greater extent than ever before, firms are seeing new product development as a global process in order to take advantage of worldwide opportunities and increase their efficiency and effectiveness of innovation.” (Crawford, & Di Benedetto, 2015) b. Global innovation cultures are the most effective at producing results.
4. How Product Development Is Different
a. Product development teams are composed of a wide-range of professionals from multiple disciplines. b. Product development requires a creative and planned process.
5. What Is a New Product, and What Leads to Success?
a. New Products come in a variety of ways. Some are completely new to the market where as others are existing products that have a new line or new functioning.
b. Products must be unique and superior in order to succeed. Consumers must feel as if the value added is worth the costs.
6. Does This Field of Activity Have a Unique Vocabulary
a. As the field of product development is both global and contains a melting pot of individuals vocabulary is unique to the field.
7. Does the Field of New Products Offer Careers?
a. There are few entry level positions in the field because most managers want experienced individuals.
8. The Strategic Elements of Product Development
a. The three elements are a new products process, a product innovation charter, and a well-managed product portfolio. (Crawford, & Di Benedetto, 2015)
9. The Basic New Products Process
a. There…...

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